Now, District Executive Director Warren Ribley and Mr. Higgins, chairman and CEO of Chicago-based Higgins Development Partners LLC, will “move into detailed discussions,” according to a statement issued today by the economic development agency.

If a deal is reached, Higgins would form a venture called IMD Gateway Center Development Partners, which would sign a long-term lease for the site. The venture would pay the district rent for the land, while taking on the responsibility for financing and constructing the project, which would include 100,000 square feet of retail space and a 200-unit residential building. The retail space would cater to doctor's offices as well as restaurants, and feature a fitness center.

Financing will be a key. HSA Commercial Real Estate had a deal with the district for a mixed-use project on the site, but that proposal fell apart in 2008 amid the financial crisis.